FYI---Dr. Ben Carson Finds Half TRILLION Dollars in Errors While Auditing Obama’s Housing Agency
hannity.com ^ | 4/6/2017 | unknown
Posted on 4/6/2017 12:04:32 PM by rktman
Dr. Ben Carson has discovered over $500 billion (that's with a 'B') in errors and accounting mistakes during his audit of the Obama administration’s Housing and Urban Development budget.
One of Dr. Carson’s first orders after being confirmed as the Secretary of HUD was a thorough audit of the agency, which has been accused of fraud and over-budgeted projects throughout the entire Obama administration.
What did the auditors find? Over $520 billion in budgetary mistakes and clerical errors. (Excerpt) Read more at hannity.com ...
HAT TIP HOLLYB The audit is lengthy. Here’s a couple of things I came across:
****Errors in financial statement note disclosures. We found that 19 of 31 financial statement notes (61 percent) contained errors with an approximate absolute value totaling
$278.5 billion. Of the $278.5 billion in errors, $159.4 billion in errors was due primarily to (1) incorrect data entry, (2) omission of restated balances, or (3) incorrect data provided by HUD’s component entities (FHA and Ginnie Mae).
The remaining $119.1 billion in errors was due to inappropriate rounding adjustments. We found several instances in which rounding was performed to the nearest billion and hundred billion,
1. HUD Assets and Liabilities Were Misstated and Not Adequately Supported
<><>HUD did not properly account for, have internal controls over, or have adequate support for all of its assets and liabilities. Specifically, (1) CPD did not validate its accrued grant liabilities estimates; (2) HUD’s accounting for its cash management process did not include the recognition of receivables and payables when incurred and understated its prepayment balance; (3) HUD did not recognize a prepayment for funds advanced to its IHBG grantees that were used for investment; (4) EHLP could not be audited; (5) balances related to HUD’s loan guarantee programs were not reliable; and (6) HUD did not properly account for its property, plant, and equipment.
<><> These problems occurred because of continued weaknesses in HUD’s internal controls and a lack of communication between OCFO and the program offices. As a result, several financial statement line items were misstated or could not be audited as of September 30, 2016. Specifically, (1) CPD’s accrued grant liabilities estimates could not be audited; (2) HUD’s PIH prepayments and accounts receivable balances contained errors with an absolute value of approximately $476.2 million and $201.2 million, respectively, and accounts payable were understated by an unknown amount; (3) HUD’s expenses on its statement of net costs were overstated by $293.2 million; (4) loans receivable balances for EHLP could not be audited and were potentially misstated; (5) balances related to HUD’s loan guarantee programs were misstated by unknown amounts; and (6) HUD’s $297 million balance for property, plant, and equipment was not supported.
2....some contractors had inappropriate access to sensitive budget and general ledger financial transactions. Further, inaccurate security documentation could lead to inappropriate decisions.
3. HUD Continued To Not Comply With the HOME Investment Partnership Act
4. HUD Did Not Comply With Treasury Financial Manual’s Rules on Cash Management or 2 CFR Part 200
5. HUD Did Not Comply With the Improper Payments Elimination and Recovery Act of 2010
6. Ginnie Mae Did Not Comply With the Debt Collection Improvement Act of 1996
7. HUD Assets and Liabilities Were Misstated and Not Adequately Supported
Much more at link: https://www.hudoig.gov/sites/default/files/documents/2017-FO-0005.pdf
The IRS continues to uncover abusive tax-avoidance schemes involving offshore activity. Find information here pertaining to Union Bank of Switzerland (UBS).
<><> conspiring to defraud the IRS by concealing millions of dollars in assets and income in offshore bank accounts at UBS and other foreign banks, and for filing false individual income tax
<><> attempting to interfere with the administration of the Internal Revenue laws and filing false tax returns.
<><>conspiracy to defraud the government
<><>failing to disclose secret offshore bank accounts
<><> willfully failing to file a Report of Foreign Bank and Financial Accounts (FBAR) for an account he controlled at UBS in the year 2005.
<><> concealed a bank account at UBS by placing his domestic assets in the name of a nominee and failing to file income tax returns
<><>concealing over $750,000 in a UBS account by transferring ownership of the account to a nominee Panamanian corporation.
<><> failed to report a UBS account containing $900,000. Between 2000 and 2008, Chatfield transferred the $900,000 through several offshore accounts of nominee entities.
<><>Gurary owned and controlled a financial account at UBS AG which was in the name of a Bahamian entity and failed to report interest income earned on his tax returns.
<><> conspiring with a family member to hide over $11 million in an offshore UBS bank account......assisted in establishing a sham foundation in Liechtenstein to further conceal money from the IRS.
<><>conspiracy to defraud the IRS, filing false tax returns, and failing to file Report of Foreign Bank or Financial Accounts (FBARs). Goldstein is alleged to have transferred over $2 million in a UBS account to a sham Panamanian corporation in an effort to conceal the account from the IRS.
<><>failing to comply with foreign bank account reporting requirements. UBS bankers assisted Rudolph with creating a shell company registered in the British Virgin Islands and a shell corporation registered in Hong Kong in hiding in excess of $1 million.
<><>set up a sham Hong Kong corporation which was listed as the holder of an UBS account in an effort to conceal his income from the IRS. This account and offshore accounts collectively contained almost $42 million in unreported income.
<><> guilty to filing a false tax return wherein he failed to report his interest in or signature authority over financial accounts at UBS
<><>failed to disclose the existence of a Swiss bank account maintained by UBS of which he was the beneficial owner and failed to report any income earned on that account.
SOURCE https://www.irs.gov/uac/offshore-tax-avoidance-and-irs-compliance-efforts
FREEPER POSTED.... in January 2012 my wife called about her D/D S/S check not arriving. She as told by S/S that she,
and "many, many" others had their SS database records changed to deposit her payments to a Central America bank.
I couldn't find anything in the news about this. It smelled to me at the time that an insider had stolen millions if not billions in this manner.
NOTE Freeper concluded that perhaps it was to help Obama's reelection campaign that year........